HomeMy WebLinkAbout2087 z
S. Tbat ia t~e event of a suit bcin~ in~tituted to foralose this monqa~e, t!?e Mortgagee s6sq be entitled to apply at aoy time durio~
~uch foralosu~e suit to the court having ju~isdiction t6ercqf for the appoiatmeat of a raei~e~ oi all tad singular the mongaged propecty, aad
of all reats, incomcs, protib. issua and teveaua t6crcof, f~om ~~h:twcver wurce derived; sod tbereupon it i~ Lercby espreuly coveoanted
and a~rced that tbe court s6a11 forth~~it6 appoint ~uch ~aeiver wit6 the uiual po~rus snd dutia of raciven. io lite ceses; and ssid ap-
pointment s6a11 be made b} t6e cou~c ss a mane~ of s~rict ~ight to the Moctgagee~ and without ~efcreace to the adequacy or inadcquuy of tLe
value of tLe property Aercby iaor~aged, o~ co che solvencp or inwlvcacp of the Nfongagor or aay ot6ec party defendant to ~uc6 suit. Tbe
Mort~a~or hereby ~pecifically ~aiva the right to object to the appointment of a receir•er aa aforesaid aad hercby e:pressty consenb that sueb
~ppoiatment shall be made as an admittcd equity and as a matter of abwlute right to the Mortga~a and that t6e same may be done ~~ithout
notia to t6e blonga~or.
6. 'T6at if any proceediags ~Lould be imtituted agaiast the prope~ty rnvered by this mortgage upon any other lien o~ claim w6etser
•uperior or juaior to tbe tiea of this mottgage, t6e hlongagee may at ib option irtunediatel~ upon institutioo of auch auit or during tbe pend-
eacy tbertof dalue tbis raongage and the indcbtedaea~ secured 6ercbr due and payable fort6kit6 and may at it~ optioa proceed to foreclwe
this tno~age.
7, To pay ill and siagular the costa, fcw. charga and e:pensa of every tiad, including t6e caat of aa abstract of title to atid land~
fouad to be rnavenient or e:pedirnt in conoectioa with. say auit fos tAe forcclonure of this mortgage. aod atw inciudiag. wha6er tAe Mortgagee
ia obiigated to pay same or not, ~easoaable attoraey'~ fecs incurred or e:pended at any time by the Mortgagee betawe of t6e failure of t6e
Mortgagor to perfortn. comply with aad abide br atl or any- of tbe eoveaancs, condidom ~d ~tipulatian of said promiaory note~ o~ this
mongage, in ~6e forerlosure of this mortgage aad in collectins t6e amouat securcd 6ereby witA or witbout legal p~occcdings~ and to teiw-
bune t6e Mortgagee for everp payment made or incurred fo~ anr sucb ~urpose witb iatcrat frao date of every aucb pa~~rnent at t6e ntt of
ei~ht per tent (i96) per anaum; sucL psyments u?d obligations~ witD interat tsereon u aforaaid, shall be acured by tLe lien 6ueof.
i. To fceep the buildiuQ or bulldia~ mw or bereafter on said land intured against lass or damage br fire~ e~eaded corerage wd
other pe~ils, iacludi~g war rist insuraace if available. in a aum not laa than their full insurable value at t6e cost and ezpense of ~he Mort-
gagoc ~n a caapany or compania approved by the Mortgagee~ t6e policy or policia to be 6eld by t6c Mortgaga~ aad such policy or policia of
insunace s6a11 6ave affized t6ereto a Staadard New York Mortgaga Ciause, malcing all loss or loues under sueh policr or policies pa~•able to
the Mortgagee u its interest may appear. and to deliver said policy or policip to t6e Mortgagce when iuued with the recciprs for t6e par-
mcnt of the prcmium tDerefor; aad in t6e evcnt aay sum of money becoma payable unde~ such policy or policies„ t6e Mortgagee a6a11 have
t6e option to rettive add apply the same on acoount of t6e indcbtedne~t secured 6ereby or to permit the Mortgagor to receive and ux it, ot any
part the~eof~ for other purposes~ ~sit~out thereby ~vaiving or impairing any rquity~ lien or rigbt uader or by vi~tue of t6ia mortgage; and
t6t Mongagce if it deems necessary may place and pay for sucb insurance, o~ auy part t6ereof. ~cithout losiag. waiving or affceting Mort-
gagce's option to forecloae for breuh of this coveaaat. or any 'part thereof~ or any nght or option uader t6is ~aortgagq and esery sucb pa~-
ment s6a11 bear interest fran date thercof until paid at the rate of eight pe~ ceat (!96) per aanwq and all ~oe6 paymenb wit6 iate~at as
aforaaid shall be secured by t6e lien hercof. Io the eveat anp lasa or dunage is suffered Mortgagor ~6a11 notify Mortgaga of suc6 laa or
damsge vvithin fort}--eig6t (33) t?oun sfter the happening thercof; tbe fsilure to give sueb ootice ssall comtitute a default and tbe Nortga-
~ee shall 6x~e the rig6ts 6erein given for all defauld.
9. To permiy ~omm;t or suffer no waste and to maintain the improvanenq at ail tima in a state of good npair a~d rnodition; aod
to do or permit to be dooe to said prcmises eot6ing that will alter or chaage the use and chancter of said property ot in any way impair or
weaken tbe securitr of ssid mortgage. ln cue of the refusal~ neglcct or inability of tLe I~tortgagor to repair aad maintain said propertr~ i6e
biortgagee may~ at iq opEioa, make sueh repain or cau~e the ume to be made and advance monia ia that behatf arhic6 suraa ahall be secnred
by t6e lim 6ereof :ad bear interat :t tLe rate of eight per trnt (i96) pcr annum.
t0. To deliver the abstraa or abatracb of tide oorering tLe mortgaged propeny to Mortgagee or its designated agent, ~v6ich ehall at
all times, during tLe life of t6is mortgage, remain ia tLe posaes~ion of tLe Mortgaga and io eveat of t6e fo~alosure of this mortgage or ot6er
traasfer of title, all rig6t, title and interat of tbe Mortga;n,nr ia aad to anr such abstrm or abstrxb of title sbap pa~s to the purchaaer or
grantee.
11. T6at no ~saiver of any coveaant 6erein or in tLe obligation sccured hereby s6all at any time hereafter be 6eld to be a~caiver o)
any of t6e otLer terms 6ereof or of the note secured he~eby.
12. That io order to accelerate the maturity of t6e iodebtedncs ht~eby securcd because of t6e failuce of t6e Mortgag~or co pay any tu
auaunrnt, liability~ obligatiae or encumbrance upon said pmperty as 6e~ein prorided. it sball oot be necrssary aor rcquieite tbat t6e Mortga~ee
ahall fi~u pay the sune.
13. T6at if t6e Mortgsgor s6a11 fail~ neglecc or refwe for a period of t6iny (30) days fully and prompelp co pay c6e uoounn re-
quired to be paid by t6e note bereby securcd or the interest thercin spcafied or ~y of t6e auws of money hercin referred to or Aereb~ ~e-
cured, ot ot6erwise duly, full~ aud pranptly to perform, ezecutq aomplr wit6 aad abide by cacb, erery or any of the corenants~ coaditions
or stipulationa of t6is mottgagq tbe promiswc} oote hereby ucured and/or the oon~tnxtion toan agrcemrnt, if any. theo. and io either o? ia
aay of such errnts, witbout nwice or demaad~ the aa;d aggregace aum mrntioaed in said promissorr note, las previow paymenta, if an~, aod
aay aad all sums mmtioned 6erein or securcd 6ereb~ s6aD become due aod payable fort6wit6 or t6ereaher at the ooatinuiog opdon of tbe
Mortgagee as fult~ and compldely as if said sggregare sums wen otigiaall~ stipulatcd to be paid at sucb time, anyt6ing ia said
note or 6ercin to t6e contrar~ notwithstanding. and t6e Mortgagee s6all be mtitled thereupon or thercafter wit6out notice or demand~
to•im
stitute su~t at law o~ in equity to enforce the rig6ts of t6t Mortgagte 6ereunder or undcr said promissory oote. In the evrnt of ar.~ default
or brsacb o4 the part of t6e Mortgsgor 6ereunder or unde~ said promisaory note, t6e Mongsgee shall ba~e t6e rnntinuing option to eofores
pannrnt of all sums secured hereby by aetion u law or by suit ineq
uit~ to foreclase t6is mortgage, either or 6otb, mncurrcntly or otherwis~
and oae action or suit ahall not abate or be a b:r to or waiver of the Mortgagee's rig6t to imtitute or maiotain t6e other. pro~ided said Mort-
gagee s6a11 6ave only one payaomt wd utisfsetion of said indebtedoaa.
14. Tbat in the e~ent that Mortgagor shaU (1) ~oment to tbe appointment of a radver~ trwtee or liquidator of all or a substan6al
~art of Mort~a~~ asets~ or (2) be ad'udicated a bankn~pt or in~ol~enti or fi!e a~otuatary petition in bankruptcy. or admit ia writiag ib
~oabilit~ m pa~ la deba as t6eq become ~ue, or (3) make a genenl aaignmeat for t6e benefit of creditors~ or (i) file a petition or answet
aeting reorganizacion or arranganeat wit6 crcdimrs, or to take ad~ancage of aar iinol~ency taw. or (S) file aa amwer admicting the mr
tenal allegations of a petition ~1ed agaimt the Mortgagor in any bankruptey, reorganiution or insolvency proceeding. or (6) actioa s6a11 be
takm by tLe Mortgagor for t6e purpose of effaang any of t6e foregoio~ or (7) anp order, judgmcat or decrte s6a11 be entercd upoa ao
apPlicuion of a creditor ar Mortgagor by a court of competrnt jurisdictioa spproviog a petition aelung appoiatment of s rariver or tn»tee
of al) or s substantial part of t6e Mortgagor'a aneb and such order. judgment or decree s6aq continue unstayed and in effect for an~ period of
t6irtr (30) oonsecntive daYs~ t6e Moctgagee may declare the oote hereby secured forthwith due and payablq w6ereupoa tbe princip:! of aod
t6e iatewt aecraed on the note and all ot6er swns Lereby sscured s6a11 beeo~ne foctbwit6 due and payable as if all of the said suros of mone~
were originally stipulsted to be paid oo such day; and thereupoo t6e Mortgagee without notice or demand mav prosccute a auit at law and/or
in eqwt~ as if all monia ~ecured 6ereby 6ad matured prior co ib in~titution.
~ iS. That the Mortgaga or any perwn autLoriud by tLe Mortgagee ~LaD 6ate tLe rig6t to enter upon and impect the mortgsgcd
premises st all reasonable tima.
16. Tbat aar sum or s~ms vs6ieh may be baoed or advanced by tbe Mort~agce to tbe Mortgagor at any dme within ten (10) 7an
from t6e date of t6is indrnture~ w~ether wit6 interat t6ereon +u tbe rate agreed upou at the time of suc6 lotn or advance, s6at1 be equally se-
cured wit6 and La~e tbe stme prioriry a~ tLe onginal indebtedaas and bt subjta to all tLe terms and provisions of tLis mortgage; pmtided.
that t6e aggreeatt amount of priatipal oumanding at aay time sball not eneed an amount equd to a?e 6undred and fifty per ceot (1S0%) of
c6e prinapal suwunt origiaalty setured herebp.
~
17. Thati if req~ired br Morcga~ee. ~be said Mort~or witl par unw che Moregage~ on c6e first day of eac6 aud every co~secuti~e
moatb. a sum equil to one-twelhh of tbe aaaual amount neees~ap to pay all taza aad asa~nean aga;mt the uid mortgaged pranises~ said
moot6ly sum to be euimated wlely by Mo~tgagee and calculated to be ao amouat not Iw t6an t6e amoant of taus ane»ed agaimt said mort-
gaged premises for the prtviow pe~r~ and if furt6er required by Mortgagee ro pa~ all insurance premiums in ~nanne~ aad forw a~ pmrided
hernn for the papmeot of. taua and a~a~menb.
lt. ~at in tLe t~ent t6e ban w6ic6 thu wort~a~e is p~en to securc i~ made for tLe purpae of fiaaacing atber tbe ooo~truetioa
of nevv buildio~ or tbe ooo~truction of impro~ement~ and/or addidons to e~stia~ buildin~, tbe MorcQa~or~ if rsqwred by tbe Mortgs~
t:praaly a~rep to depaif wit6 tLe Mort~a~ee or Its dai~nated ~geat ~n amount of monep equal to tbe diffeteace between the od proueda
of c6e loan and t6e wul amount~ as daermined br t6e Mort~a~e~, reqwred to full~ oomplete ~atd comtr~etion ie aooordance wit6 cLe plao~
and spaifiutia~s 6eretofore ~ubmitted b~ tLe Mortgs~or and approred br tbe Mott~a~ce. Said amount of mone~ ~hdl be placed b~ tbe
MortQa~ee in a"Loua in ProceM Aeaount" in t6e n~me of the Monqagor~ and tbe same ~L~U be u~ed b~ t6e Martgagee to pay the aow.
eharga and e:penxs inc~rred tn oonnatioo wit6 said aonstrncdoa pno~ to di~buruat of tLis baa It u furtLer agreed ehat ia tbe t?eat
~aid conuruction ii not full~ oanplaed o0 or before t6e due ~tatcd in tbe Co~utruetioa Loan Agrcanent or ia tbe e~ent thu tbe wort o0
~aid oonaruetion ~hall uase btfon full oom~ledon and ~ue6 epsadon shall ooatinue fot ~ period of ten (10) days, or-if substantial oontiauow
progres s6a1! not be mede in s~ch cowtrucaoa. t6ea and in an~ sucb t~ent tbc aid aggregate ~um, principal and interat~ msntioaed in said
prani~ory note, and all monia ~ecared hereby. thall baome due and pa~able forth~•ritlt or t6ereafter at tbe option of taid Mortgagee; and in
the event of snch ceuadon of work u said ~ fo~ s period of ten (t0) da's. or if •u~tanaa) oontia~ous p_-ogres s6a11 not be
mide in sucb oo~nstnxtion, as aforeui~tbe Mort~a~ee may u Ib option enter into aod upon the mortgaged premixs and canplete said ooo-
, ~truetion in wc6 manaer as it dcem~ ad~isable witboat ~n~ interfereoce fran tbe Mort~apr; the uid Mortgsgor 6ereb~ ~i.ing aad ~rand~
m t6e Mortgagre fnl! power and autboritr to make sutb eatry inw tnd upon said mortgaged premi~er, to enter into ~uc6 contracts or ar-
rangemena as ma~ be occessar~ to complete said constructioo~ tod to e:pend any monies remainiog in uid "Loaos io Procea Aaoount" and
io addition anr sums of mone~ oaasaq to eanplete said eon~tructioo; and ~ny and :11 monea e=pended by tbe Mortgsgee in connectioo
witb sucb canpletion of coostnxtion in euas of t6e monia in aa;d "I.oam io Procas Account" shall be sdded to t6e uid priocipal debt and
~hall draw interat at the rate providcd in •aid pwmis~ory oote, and ~6a11 be saured by this aoortgtge~ and sha11 be parable b~ t6t Mortga~or
on d~manQ.
-~oo~~-~z zh ~
_ : _
~ _
: _ -